Relentless buying by the Fed on Thursday night designed to cause a huge gap-up opening on Friday that would trigger a short-covering rally, failed miserably on Friday, as the market opened and sold-off hard, resulted in a reversal day, without additional buying binge by the Fed on Monday, we could see another strong sell-off day on Monday.
Key price level to watch for on Monday is going to be 4245 for NQ.
-- A sustained break below 4245 could trigger another round of selling algos, supports are 4225 then 4195-4205
-- Trading above 4245 is bullish but NQ needs to break above 4265 to potentially trigger algo buy programs.
